Zambia’s economy is expected to grow by 2.7% in 2023, a decrease from 4.7% in 2022, primarily due to contractions in the mining and energy sectors, as outlined in the Ministry of Finance’s budget plan.

After a debt default in 2020, Zambia has successfully completed a debt restructuring plan with the IMF, which is predicted to save the country $7.65 billion by 2026. The budget plan forecasts GDP growth of 4.8% in 2024, 4.3% in 2025, and 5.0% in 2026, reflecting improved macroeconomic conditions and enacted reforms.

The country is witnessing a rise in confidence as it works towards restoring fiscal sustainability, according to Secretary to the Treasury Felix Nkulukusa.